This article was originally published by LGiU
Economic recovery from Covid-19 looks set to be a long and painful process. Beset by business failure, huge levels of unemployment and social hardship, it will take government action on a scale unprecedented in modern times to safeguard the wellbeing of millions and drive the transformation required to build back better.
The public health crisis has seen an amazing response from communities, with energy and imagination that comes from solidarity, empathy and a genuine belief in the power of working together. This power needs to be harnessed, however. With the main economic crisis unfolding at pace, we now have private equity firms waiting in the wings to snap-up distressed business assets and take an even greater ownership stake in our economy. The stakes are high and to prevent us from falling into an “Amazon recovery”, where big businesses and corporate behemoths are the only winners, we must seek to animate the power of the community within the commercial economy.